Broadcom, Inc (AVGO)
By Tue, Jul 13, 2021
Today’s Chart of the Week might be a make or break pick for the market as a whole.
We’re looking at Broadcom, Inc (AVGO) on the Nasdaq.
Tech stocks (and semiconductors in particular) are at a critical level.
And since the Nasdaq is really the only index making new highs, it’s safe to assume that if tech and semiconductors are going to rise, they’ll be led by Nasdaq stocks.
That’s why we’re going with AVGO.
There’s great risk to reward in our favor, so as long as we are above 470, I love this stock up until the 590 level for our profit target.
Below 470, we’re just watching, but above 470 we are long.
It also helps that AVGO is in talks to acquire privately-held software company SAS Institute, but that’s just a bonus.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
